On December 31, 2025, Warren Buffett steps down as CEO of Berkshire Hathaway Class A after a 60-year tenure, remaining as board chair while Greg Abel, vice chairman responsible for non-insurance operations, assumes full CEO duties on January 1. Abel inherits a conglomerate valued at roughly $1.1 trillion, with diversified holdings spanning insurance, railroads, utilities and manufacturing businesses. Buffett personally announced the succession plan in May 2021 and reaffirmed it at the 2025 annual meeting, emphasizing Abel’s deep knowledge of Berkshire’s subsidiaries and alignment with the company’s long-term, value-focused ethos.

As of September 30, 2025, Berkshire Hathaway held approximately $382 billion in cash and short-term investments, representing over 35% of its market capitalization. Despite this unprecedented liquidity, the company has been a net seller in the equity markets for 12 consecutive quarters, realizing net sales of $184 billion since the start of the current bull market in late 2022. Buffett and his deputies—Ted Weschler and Todd Combs—cited high market valuations as the primary reason for limited new investments, echoing Buffett’s warning that attractive buying opportunities have been scarce.

Since Buffett assumed control of the company in 1965, Berkshire Hathaway Class A shares have delivered a cumulative gain of more than 6,100,000%, vastly outperforming the S&P 500’s roughly 46,000% return over the same period. This performance reflects a disciplined buy-and-hold strategy, underpinned by insurance float generation and opportunistic acquisitions—over five dozen major buyouts across diverse industries, including GEICO and BNSF Railway. Annualized returns have nearly doubled the benchmark index, underscoring the enduring power of value investing and operational diversification.